Smile API's secure employee-owned data expedites financial services applications.

Staff ni Anjie
Applying for a loan or finance, whether for a car, a company, a house, or anything else, is a time-consuming and hard process that requires the applicant, their employer, and the financial institution or vendor in issue to all participate. Smile API is a digital platform that speeds up the application process by approving (or rejecting) applications in seconds. As a result, it adds significant value to workers who require financial and/or related services, employers who can reclaim lost operational time due to the cumbersome paper trail, and banks and financial institutions who can conduct fast, secure transactions in a variety of dormant application procedures.

Smile API's secure employee-owned data expedites financial services applications.
Smile API's secure employee-owned data expedites financial services applications.

During the company's recent launch, Smile API CEO Jerome Eger explains the all-too-common problem that slows down businesses: "We did a survey and determined that for every 100 employees in any given firm, three to five certificates of employment are requested on average every week." HR is in charge of this, and it takes up corporate time that may be better spent on other things. While they are required to do so, the procedure is useless to the employers."

"What we offer becomes a win-win-win solution for businesses, their employees, and particularly for third-party providers such as banks, financial institutions, and other suppliers whose services are made more accessible to potential clients," Eger explains.

Individuals first register through companies that use the Smile API and with whom they interact regularly. Clients consent to submit their encrypted employment data, which is then delivered in seconds from their employer to the bank or vendor via the Smile API when they request loans, financing, delayed payment conditions, employment, or financial services.

It's critical to keep in mind that this is a one-time offer. Smile API receives the employer's encrypted data and provides it to the institution or vendor. After that, the information is lost. This process takes only a few seconds, saving time and effort for the applicant, their company, and the connected institutions and the stress of waiting for (or working toward) approval that may or may not be granted.

Smile API's platform arose from a simple but important truth that affects practically everyone, especially the workforce, without realizing it. People will never be able to fully control their personal and professional data. Their employment data, which is crucial to financial institutions, vendors, and even potential new employers, will always need to be obtained from third parties and verified with documentation such as certificates of employment, payslips, proofs of billing, bank statements, credit card statements, or even academic transcripts of records.

Eger says that everyone must acknowledge that "data access is a basic right" to break free from this cycle of inefficiency. Data is the oil of the twenty-first century, so your data is critical. The difference is that oil was only available to a select few people back then, but data is now available to everyone." "On the other hand, the Smile API encourages users to have their own data and to utilize it for their own good," he explains.

Smile API, according to Eger, is a technology-based infrastructure that links people: "We build bridges that allow data to flow quickly from an employer to a bank or a provider, but the user keeps complete control over whether or not to use them. Each transaction necessitates explicit consent from the consumer, who decides who and when their data is disclosed."

Smile API, despite its youth, aims to provide a service unlike any other in the country. Credit Ease, a globally diversified organization, and Plug and Play Singapore, a global venture capital firm with a strong regional presence, are two well-known fintech investors recently invested in them.

Credit Ease's Head of Strategic Investment and M&A, Kevin Aok, explains why Smile API is starting with the Philippines: "We're seeking for markets with a higher potential for growth. In addition, many Filipinos have a reliable source of income, and the country is largely English-speaking."

According to Ziheng Li, Senior Ventures Analyst at Plug and Play Singapore, Smile API is the ideal API for the region right now: "In contrast to other global markets such as the United States and China, where employer data APIs are common, there is no API or service comparable to Smile API in the region."

Smile API is constantly forming collaborations in the Philippines with like-minded innovators. One of these partners is Johanne Lim, CEO of MoveForward Inc. (MFI), an online buy-now-pay-later (BNPL) service for the country's unbanked.

Lim goes on to say how Smile API's revolutionary technology has benefited the industry: "The issue is that, as the Philippines' economy shifts toward gig and freelancing work, there is no centralized structure in place to provide verifiable job data. With Smile API, we're looking forward to learning more about our new market."

""Smile API is all about financial inclusion and empowerment," Eger continues, "especially for people who have to cope with seemingly endless red tape."

""Our solutions take the stress out of applying and assist you in achieving your personal and professional goals," he adds. "In the future, we're excited to watch how new fintech and beyond firms build on the infrastructure we're putting in place at Smile API."

Post a Comment


Post a Comment (0)